WOOFi DEX unleashes the perks of on-chain perps
Trade perps with the feel of a CEX and self-custody of a DEX exclusively at WOOFi DEX
The rising popularity of decentralized derivatives
People love perps. After all, what’s not to like? They’re more liquid than spot, can be both longed and shorted, have no expiry date, and provide what many traders crave beyond all else - leverage. This truism can be proven by the prolific growth that on-chain derivatives have seen even throughout this bear market, with the combined total trading volume of all perp DEXs now having surpassed $229 billion.
GMX and dYdX are two such perps DEXs that have thrived, the former having been forked 27 times with $213M generated in fees since September 2021, and the latter having seen $43B trading volume in just March alone. What exactly is driving this growth is hard to pinpoint, but we can assume it’s a mixture of significant outflow from CeFi, a shift in trader preference toward self-sovereignty, increasingly enhanced execution made possible by L2s, and smoother onboarding.
Enter WOOFi DEX
It’s happening. Today is the day that WOOFi DEX makes its grand debut on the on-chain derivatives scene with the beta release of 3 perpetual contracts - all available to trade with an orderbook, 10x leverage, customizable workspaces, deep liquidity powered by Orderly Network, and of course - complete self-custody. The future of perps is decentralized, and WOOFi DEX has every weapon in its arsenal to become the protagonist of this story, leveraging its unique ability to replicate the feel of a CEX and combine it with the self-sovereignty of a DEX.
Our vision for WOOFi has always been to forge a complete package - a DEX home to such a multitude of chains, assets, and tools that it could become the de facto hub for on-chain trading and earning. The beta release of perps brings us one major step closer to that vision, adding yet another string to the bow of WOOFi’s ever-growing offering.
Where we go from here
Crucial to the success of this product will be the addition of more markets, new trading tools, enhancements to the UI, and eventually the expansion to additional chains. For now, however, we urge you to head over to WOOFi DEX and experience the beginning of an exciting new chapter that has been months in the making.
Please remember that perps are in beta phase, which means aspects of the product may have some room for improvement. If you do happen to spot any bugs or just want to share any thoughts in the meantime, please do stop by the ‘WOOFi-general’ channel of WOO Network’s Discord. Your comments are invaluable in helping us refine the product and deliver the very best experience possible!
Trade the future of on-chain perps, today
For those of you who are unaccustomed to trading on NEAR, here’s a quick three-step guide to help you on your way.
1. Choose a NEAR wallet — we recommend using Meteor as they’re supported by the Rainbow Bridge and enable fiat-to-crypto payments directly within the wallet. Other options include MyNearWallet, Sender, Nightly, and Here.
2. Top up your wallet through one of four means:
- Withdraw some NEAR from a centralized exchange like WOO X
- Use the Rainbow Bridge to transfer assets from Ethereum or Aurora
- Use the ‘top up’ feature in Meteor wallet and convert fiat to crypto with Onramper
- Send funds from another NEAR wallet
3. Connect your NEAR wallet to WOOFi DEX and navigate to the ‘wallet’ tab where you’ll be able to deposit the assets you want to trade.
The content above is neither a recommendation for investment and trading strategies nor does it constitute an investment offer, solicitation, or recommendation of any product or service. The content is for informational sharing purposes only. Anyone who makes or changes to their investment decision based on the content shall undertake the result or loss by himself/herself.
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